NEW DELHI: Indian companies have often been accused of taking benefits form the US, while not creating either jobs there. The technology services companies have been particularly blamed for flight of jobs from the US to India.
Now a 2012 India Business Forum (IBF) survey, released by the Confederation of Indian industry (CII) seeks to put the record straight: Indian companies have a significant economic and social impact on American communities in which they operate, says the survey.
The survey respondents comprising 36 Indian companies represent sectors including education, financial services, healthcare pharmaceuticals and life sciences, information technology, manufacturing, media and telecommunications. The companies' deep and established roots are particularly remarkable, given that their average age in the US market is about 18 years.
Here are the key findings of the survey:
Surveyed companies operate in 40 states and the District of Columbia, and 70% have increased the number of employees since 2005, despite the US economic downturn.
More than 34% of the surveyed companies have established manufacturing facilities in the US, investing more than $820 million in those facilities.
Since 2005, the surveyed companies have collectively conducted 72 mergers and acquisitions in the US, saving, creating and sustaining thousands of jobs.
Projected research and development investments of the surveyed companies are estimated to be over $190 million in 2012 alone; and
Nearly 65% of companies surveyed engage in Corporate Social Responsibility (CSR) initiatives, including programs that support 27 universities, community colleges and high schools in developing curriculum, establishing training programs and encouraging Science-Technology-Engineering-Mathematics (STEM) education.
"The rapidly expanding India-US trade and economic engagement provides a key underpinning to the strategic partnership between our two countries. Of crucial significance is the pivotal role played by Indian industry in infusing bilateral commercial ties with great dynamism," said Nirupama Rao, India's ambassador to the US.
"The continuous growth of Indian investments across different states in the US, in a range of areas of economic cooperation including manufacturing, services, distribution etc. are inspiring examples of value based partnerships between our two countries," she added.
Acknowledging the impact of Indian companies' investments in the US, Senator John Cornyn , co-founder and co-chair of the senate India Caucus said, "I welcome the fact that Indian companies are investing substantial capital in the US, which has already yielded tangible results in Texas and across the US. It is my hope that the US-India partnership will continue to grow and provide even greater opportunities for the people of both nations."
Congressman Ed Royce, co-chair of the House Caucus on Indian and Indian Americans said, "Indian companies are going global. This CII report shows how Indian investment is a real plus for the US economy, especially California."
Sandhya Satwadi, Director and Head, CII added,"Our aim, through the India Business Forum (IBF), is to highlight the range and depth of Indian investments in the US and also to try and dispel some of the misconceptions associated with Indian companies. Indian companies are significantly increasing their footprints in the US, in terms of investments, job creation and engagement with local communities, and are thus positively impacting the US economy and society."
CII unveiled the IBF survey results, entitled Indian Roots, American Soil: Adding Value to US Economy and Society,at a reception on Capitol Hill, which featured representatives from more than 25 Indian companies; nearly 20 members of Congress including the four co-chairs of the India Caucus Senator John Cornyn, Senator Mark Warner, Congressman Joseph Crowley and Congressman Ed Royce; Ambassador Rao; and other business and policy leaders.
(Source- http://economictimes.indiatimes.com)
Now a 2012 India Business Forum (IBF) survey, released by the Confederation of Indian industry (CII) seeks to put the record straight: Indian companies have a significant economic and social impact on American communities in which they operate, says the survey.
The survey respondents comprising 36 Indian companies represent sectors including education, financial services, healthcare pharmaceuticals and life sciences, information technology, manufacturing, media and telecommunications. The companies' deep and established roots are particularly remarkable, given that their average age in the US market is about 18 years.
Here are the key findings of the survey:
Surveyed companies operate in 40 states and the District of Columbia, and 70% have increased the number of employees since 2005, despite the US economic downturn.
More than 34% of the surveyed companies have established manufacturing facilities in the US, investing more than $820 million in those facilities.
Since 2005, the surveyed companies have collectively conducted 72 mergers and acquisitions in the US, saving, creating and sustaining thousands of jobs.
Projected research and development investments of the surveyed companies are estimated to be over $190 million in 2012 alone; and
Nearly 65% of companies surveyed engage in Corporate Social Responsibility (CSR) initiatives, including programs that support 27 universities, community colleges and high schools in developing curriculum, establishing training programs and encouraging Science-Technology-Engineering-Mathematics (STEM) education.
"The rapidly expanding India-US trade and economic engagement provides a key underpinning to the strategic partnership between our two countries. Of crucial significance is the pivotal role played by Indian industry in infusing bilateral commercial ties with great dynamism," said Nirupama Rao, India's ambassador to the US.
"The continuous growth of Indian investments across different states in the US, in a range of areas of economic cooperation including manufacturing, services, distribution etc. are inspiring examples of value based partnerships between our two countries," she added.
Acknowledging the impact of Indian companies' investments in the US, Senator John Cornyn , co-founder and co-chair of the senate India Caucus said, "I welcome the fact that Indian companies are investing substantial capital in the US, which has already yielded tangible results in Texas and across the US. It is my hope that the US-India partnership will continue to grow and provide even greater opportunities for the people of both nations."
Congressman Ed Royce, co-chair of the House Caucus on Indian and Indian Americans said, "Indian companies are going global. This CII report shows how Indian investment is a real plus for the US economy, especially California."
Sandhya Satwadi, Director and Head, CII added,"Our aim, through the India Business Forum (IBF), is to highlight the range and depth of Indian investments in the US and also to try and dispel some of the misconceptions associated with Indian companies. Indian companies are significantly increasing their footprints in the US, in terms of investments, job creation and engagement with local communities, and are thus positively impacting the US economy and society."
CII unveiled the IBF survey results, entitled Indian Roots, American Soil: Adding Value to US Economy and Society,at a reception on Capitol Hill, which featured representatives from more than 25 Indian companies; nearly 20 members of Congress including the four co-chairs of the India Caucus Senator John Cornyn, Senator Mark Warner, Congressman Joseph Crowley and Congressman Ed Royce; Ambassador Rao; and other business and policy leaders.
(Source- http://economictimes.indiatimes.com)
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